are the Jesuits in the Philippines going bankrupt? how did that happen?
there are two (2) things that bothered me with that post by xyz1two3, an author in this blog :
- the jesuits sold xavier house, a landmark with a lot of history not only for the jesuits but also for the country
- “Reuter said he fully understood that the SJ had run into serious financial need to sustain its operations.”, taken from the PDI news article.
how do we read the second one? the Society Of Jesus in the philippines is on the brink of bankruptcy? the jesuits seem to be selling property to generate cash. in business, that can be called a fire sale.
how can an educational institution who prides itself in having the best business management course and the best MBA course in the country that produces many captains of philippine business as graduates for generations get itself into “serious financial need”? the ateneo are very good teachers, they can teach and train its students to be the country’s most successful business managers but it cannot apply what it teaches to themselves?
that is a very shocking thought!
anyone know anything about this? who manages the finances of the school? did they invest heavily in US financials and the US stock market?
from PDI, april 1, 2009 issue:
Fr. Bobby Yap, treasurer of the Philippine Province of the Society of Jesus, confirmed plans to sell the Sta. Ana property and other Jesuit-owned real estate “in light of financial problems the province is facing.”
From Fr. Jose Cecilio Magadia, provincial superior of the Jesuits in the Philippines: “It brushes aside the reality that the province is in [dire] financial straits, exacerbated by the ongoing world financial crisis,” he said.
read related post. click here: https://wawam.wordpress.com/2009/03/31/jesuits-sell-xavier-house-the-house-where-3-points-of-history-were-made/ or scroll down.